The Pepe the Frog meme coin has made a comeback into the cryptocurrency market, with the token rising more than 21,000% since its launch on April 16. 10,000 individual holders have already obtained the token.
Pepe token’s market capitalization surpasses $33 million
According to Yahoo, the Pepe token (PEPE), which was launched on April 16, has increased by over 21,000%. It has generated over $30 million in trading volume on Uniswap, a decentralized exchange, and reached a market capitalization of over $33 million on April 18.
Pepe stated on its website, “the most memeable meme coin in existence. The dogs have had their day. It’s time for Pepe to take reign.”
According to data from blockchain tracker Etherscan, PEPE reached 10,000 individual holders on April 18. This indicates that the token was quickly purchased by large numbers of investors hoping to profit from the ongoing excitement.
The circulating supply of the tokens is 420 trillion, a reference to “4/20”, a well-known slang from cannabis culture. Pepe trading pool on Uniswap locks up nearly $1.3 million in liquidity. The suppliers are the provider of all liquidity in the market.
The Impact of meme coins on the cryptocurrency market
According to Yahoo, the green frog with a human body known as Furie’s Pepe first appeared in the 2005 comic The Boy’s Club. It became well-known and part of online culture in the years that followed.
According to James Wo, the founder of crypto firm DFG, meme coins have significantly impacted the cryptocurrency trading scene.
Due to the low volatility of the major currencies like bitcoin and ether, traders are inevitably looking for chances elsewhere. Meme trading may be dangerous to obtain excessive gains, but the potential upside can be significant.
Therefore, regardless of the concept, there will always be a market for it in the specialized realm of “s**tcoin” trade as long as money can be gained by pushing hot issues.